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You can store oxygen far more efficiently in H2O,
it would produce (albeit a small amount) hydrogen gas...fuel.
The hydrogen gas byproduct can also be utilized on the ground as well.
a. CO2 molecules are smaller than O2 molecules
I didn't bother to read all the posts in this thread; somebody may have mentioned it...
Imagine the size of a battery needed to process at least 192 liters (51 gallons) of water per minute assuming 100% efficiency!!
edit on 17-1-2014 by nakiel because: (no reason given)
...allowed oxygen-breathing lifeforms to survive underwater, in space, or among...